Baidu, Tencent help Chinese shopping malls take on Alibaba

August 29, 2014

Baidu and Tencent are teaming up with a Chinese shopping mall operator in a joint venture that could steal business away from local e-commerce giant Alibaba Group.The two Internet companies are partnering with Dalian Wanda Group, a Chinese conglomerate, to spend 5 billion yuan (US$811 million) on a new e-commerce company, they announced on Friday.Wanda will control a 70 percent stake in the joint venture, while Baidu and Tencent will each hold a 15 percent stake.Baidu, China’s largest search engine, and Tencent, a social networking and gaming company, have both made forays into China’s online retail space in the past. But neither have managed to crack Alibaba’s hold over the country’s growing e-commerce market.To read this article in full or to leave a comment, please click here

Link: http://www.pcworld.com/article/2600520/baidu-tencent-help-chinese-shopping-malls-take-on-alibaba.html#tk.rss_all